money fraud and gavel on table

Did Peter J. Klein of Hightower Securities Sell You an Unsuitable Private Placement?

Investment loss attorneys at Meyer Wilson are investigating claims that Stockbroker Peter J. Klein sold unsuitable private placements to investors while he was registered with Hightower Securities, LLC in Melville, New York. Meyer Wilson recently won an arbitration claim against Hightower Securities on behalf of an investor who lost money in a Hightower-recommended private placement.

According to public disclosures available on FINRA’s BrokerCheck, several pending customer disputes brought by former clients accuse Klein of selling unsuitable private placement investments that resulted in significant losses. This includes:

  • A pending claim that seeks $600,000 in damages for alleged sales practice violations, including violations of suitability obligations in connection with a placement investment made on or around August 2017.
  • A pending claim seeking $500,000 in damages for alleged suitability violations in connection with a private placement investment made on or around April 2005.
  • A pending claim seeking $600,000 in damages for alleged failure to supervise, unsuitability, breach of fiduciary duty, negligence, misrepresentation / omission, and violation of FINRA Rule 2010.

Private placement investments are non-public offerings that are often sold as promissory notes or shares of common stock. Although they are often sold to customers and retirees by brokers who claim they are a low-risk investment, private placements are in reality higher-risk and generally illiquid investments that earn broker-dealers large commissions.

If you have questions about losses incurred in connection to a private placement sold by Peter J. Klein or Hightower Securities, our investment loss attorneys want to hear from you. Meyer Wilson is an award-winning securities arbitration and litigation firm that represents wronged investors in claims involving unsuitability, misrepresentation and omissions, and other forms of broker misconduct.

Our firm works on a contingent-fee basis, which means there is no fee unless a recovery is made, and we offer confidential case reviews at no cost. To speak with an attorney about your rights and options, call (800) 738-1960 or contact us online for a FREE consultation.

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